Dairy News

Asia Pacific holds high growth potential for dairy alternatives market- Research says

Tuesday, 09/04/2019

http://thedairytimes.com/asia-pacific-holds-high-growth-potential-for-dairy-alternatives-market-research-says/

New Delhi, April 09, 2019: As veganism is accelerating its move in the mainstream, the demand for plant-based food products has witnessed an upsurge. A recent market study by Future Market Insights (FMI) predicts that the revenue of the dairy alternatives market will reach US$ 34.6 billion by 2029. In terms of value, the global dairy alternatives market is projected to register a CAGR of 8.3% during the forecast period, according to FMI.

The thriving trend of veganism is one of the primary factors triggering the demand for dairy alternatives. Health-related concerns such as allergies from milk and lactose intolerance are playing a vital role in the growth of the dairy alternatives market. With the increased exposure to the dangers of dairy products, more and more individuals are leaning towards non-dairy milk, which, in turn, is providing a significant boost to the dairy alternatives market.

Dairy alternatives have been competing in the dairy space now for decades, but the competition has intensified by the day as dairy alternatives are expanding in styles, product categories, and types. Growing research and development, product line extensions, and marketing campaigns have led to increased sales of dairy alternatives.

Product Portfolios Expand in Dairy Alternatives Landscape as More Consumers are Becoming Vegan

With the advent of dairy alternatives, more and more people are inclined towards them for many reasons including better health, growing concerns for animal welfare, reducing their impact on the planet, and others. Awareness of non-dairy substitute options available in the market is increasing rapidly, which is leading to increased availability of various types of dairy alternatives available in grocery stores.

The substitutes for dairy, available in the market, include soy milk, almond milk, coconut milk, rice milk, cashew milk, flax milk, corn milk, and many more. Plant-based milk, which is incorporated in numerous food products is now extensively available commercially. Many consumers are under the impression that a vegan diet can be overpriced; however, nutritious non-dairy foods can prove to be a lot cheaper than a dairy-based or omnivorous diet.